MagneGas (MNGA) Stock Price Up 8.6%

MagneGas Co. (NASDAQ:MNGA) shares rose 8.6% during mid-day trading on Monday . The company traded as high as $0.38 and last traded at $0.38. Approximately 932,500 shares changed hands during mid-day trading, an increase of 173% from the average daily volume of 341,561 shares. The stock had previously closed at $0.35.

Separately, ValuEngine raised shares of MagneGas from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 12th.

The company has a debt-to-equity ratio of 0.08, a current ratio of 0.70 and a quick ratio of 0.26.

MagneGas (NASDAQ:MNGA) last released its quarterly earnings data on Wednesday, November 15th. The oil and gas company reported ($0.39) earnings per share for the quarter. The business had revenue of $0.88 million during the quarter. MagneGas had a negative return on equity of 277.02% and a negative net margin of 371.23%. equities research analysts predict that MagneGas Co. will post -0.94 EPS for the current year.

A hedge fund recently raised its stake in MagneGas stock. Virtu KCG Holdings LLC lifted its holdings in MagneGas Co. (NASDAQ:MNGA) by 709.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 110,468 shares of the oil and gas company’s stock after acquiring an additional 96,829 shares during the quarter. Virtu KCG Holdings LLC owned 1.85% of MagneGas worth $136,000 as of its most recent SEC filing. Institutional investors and hedge funds own 5.23% of the company’s stock.

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About MagneGas

MagneGas Corporation is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company is also developing the use of fuel for co-combustion with hydrocarbon fuels to reduce emissions.

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